The Disney Activist Battle's Next Chapter: Nelson Peltz To Nominate Himself, Former Disney CFO To Board

Trian Partners founder and CEO Nelson Peltz has announced his latest move in his firm's ongoing proxy fight with Walt Disney Co DIS.

What To Know: In a new press release, Trian announced Thursday that it plans to nominate Peltz and former Disney CFO Jay Rasulo to the company's board at Disney's 2024 annual meeting. 

"As Disney’s largest active shareholder, we can no longer sit idly by as the incumbent directors and their hand-picked replacements stand in the way of necessary change, and peers and competitors continue to outperform," Peltz said in the release.

Trian Partners announced earlier this year that it owns close to 33 million shares. The company on Thursday said it beneficially owns $3 billion of the company's common stock.

The news comes just weeks after Disney pushed back against the activist investor's attempt to become a director. 

"Disney's share price has underperformed proxy peers and the broader market over every relevant period during the last decade and over the tenure of each incumbent director ... Trian intends to take our case for change directly to shareholders," Trian said in a recent statement regarding Disney's board.

Disney responded, saying the company is already in the midst of a significant transformation and continues to refresh its board in an effort to remain focused on the long-term performance of the company, strategic growth initiatives, the succession planning process and increasing shareholder value. 

Thursday's news is the latest development in the ongoing proxy battle that has pitted Peltz against Disney CEO Bob Iger, who came back to replace former Disney CEO Bob Chapek and help turn things around for the entertainment giant about a year ago. The stock has struggled to find its footing since Iger returned.

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DIS Price Action: Disney shares are up approximately 8% year-to-date. The stock was up 1.43% at $94.15 at the time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.